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Entrepreneurial Characteristics and Sustainability of Small Firms in a Developing Economy

Received: 28 August 2023     Accepted: 12 September 2023     Published: 9 October 2023
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Abstract

Small firms in a developing economy like Nigeria have been supported with funds, training, and enabling environment for success due to their role in economic growth. Despite these efforts to improve entrepreneurial characteristics and performance of firms, most small firms operate in the informal sector of the economy and do not have policies on sustainability practices. This study ascertains the personal entrepreneurial characteristics predominant in owners of small firms; and identifies the sustainability practices of small firms. All these were with the view to investigate the relationship between entrepreneurial characteristics of owners of small firms and sustainability practices of firms. A purposive sampling technique was used to select 94 respondents who are owners of small firms in Lagos State, Nigeria that responded to questions like the personal entrepreneurial characteristics predominant in owners of small firms; and the sustainability practices of small firms. Data were summarised using descriptive statistics and regression analysis to test the dependability of sustainability practices of small firms on the personal entrepreneurial characteristics of their owners. The results of this survey showed that majority of the owners of small firms possess entrepreneurial characteristics like opportunity seeking and initiative, risk taking propensity, demand for efficiency and product quality, innovation, creativity and persistence, commitment to the work contract, information seeking, proactiveness and goal setting, systematic planning and monitoring, networking and persuasion, independence, and self-confidence. It was also deduced from the survey that small firms do not fully implement sustainability practices in Nigeria (especially in the dimension of environmental conservation). The overall result shows that there is no significant relationship between entrepreneurial characteristics of owners of small firms and sustainability of small firms. In conclusion, entrepreneurial characteristics has no significant relationship with sustainability practices of firms.

Published in Science Journal of Business and Management (Volume 11, Issue 4)
DOI 10.11648/j.sjbm.20231104.11
Page(s) 141-148
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2023. Published by Science Publishing Group

Keywords

Efficiency, Entrepreneurship, Environment, Inclusion, Innovation, Policy, Sustainability

References
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[3] Basil Anthony Ngwu Onugu. (2005). Small and Medium Entreprises (SMEs) in Nigeria: Problems and Prospects. Small Business Journal.
[4] Muritala Taiwo, Awolaja M. Ayodeji & B. A. Yusuf. (2019). Impact of Small and Medium Enterprises on Economic Growth and Development. American Journal of Business and Management, 1 (1), 18–22. doi: 10.11634/21679606170644.
[5] Stephen Adegbite, Matthew Olugbemiga Ilori, I. A. Irefin, Isaac Oluwajoba Abereijo & Helen Olubunmi Aderemi. (2007). Evaluation of the Impact of Entrepreneurial Characteristics on the Performance of Small Scale Manufacturing Industries in Nigeria. Journal of Asia Entrepreneurship and Sustainability, III (1), 1–22.
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[7] Geoffrey I. Nwaka. (2011). The urban informal sector in Nigeria: towards economic development, environmental health, and social harmony." Global Urban Development Magazine, 1 (1), 1-11.
[8] Alamo Alexandre da Silva Baptista & Antonio Carlos de Francisco. (2018). Organizational Sustainability Practices: A Study of the Firms Listed by the Corporate Sustainability Index. Sustainability, 10 (1), 226. doi: 10.3390/su10010226.
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[15] Judy N. Muthuri. (2013). Corporate Social Responsibility in Africa. In: Terri Lituchy, Betty Jane Punnett & Bill Buenar (eds) Management in Africa: Macro and Micro Perspectives. Routledge.
[16] Maimuna Shika Aliyu. (2017). Entrepreneurial Competencies and the Performance of Small and Medium Enterprises (SMEs) in Zaria Local Government Area of Kaduna State. International Journal of Entrepreneurial Development, Education and Science Research, 4 (2) 116-138.
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Cite This Article
  • APA Style

    Victor Oghenenyerovwome Iki, Esther Ejobosele Otoghile. (2023). Entrepreneurial Characteristics and Sustainability of Small Firms in a Developing Economy. Science Journal of Business and Management, 11(4), 141-148. https://doi.org/10.11648/j.sjbm.20231104.11

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    ACS Style

    Victor Oghenenyerovwome Iki; Esther Ejobosele Otoghile. Entrepreneurial Characteristics and Sustainability of Small Firms in a Developing Economy. Sci. J. Bus. Manag. 2023, 11(4), 141-148. doi: 10.11648/j.sjbm.20231104.11

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    AMA Style

    Victor Oghenenyerovwome Iki, Esther Ejobosele Otoghile. Entrepreneurial Characteristics and Sustainability of Small Firms in a Developing Economy. Sci J Bus Manag. 2023;11(4):141-148. doi: 10.11648/j.sjbm.20231104.11

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  • @article{10.11648/j.sjbm.20231104.11,
      author = {Victor Oghenenyerovwome Iki and Esther Ejobosele Otoghile},
      title = {Entrepreneurial Characteristics and Sustainability of Small Firms in a Developing Economy},
      journal = {Science Journal of Business and Management},
      volume = {11},
      number = {4},
      pages = {141-148},
      doi = {10.11648/j.sjbm.20231104.11},
      url = {https://doi.org/10.11648/j.sjbm.20231104.11},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjbm.20231104.11},
      abstract = {Small firms in a developing economy like Nigeria have been supported with funds, training, and enabling environment for success due to their role in economic growth. Despite these efforts to improve entrepreneurial characteristics and performance of firms, most small firms operate in the informal sector of the economy and do not have policies on sustainability practices. This study ascertains the personal entrepreneurial characteristics predominant in owners of small firms; and identifies the sustainability practices of small firms. All these were with the view to investigate the relationship between entrepreneurial characteristics of owners of small firms and sustainability practices of firms. A purposive sampling technique was used to select 94 respondents who are owners of small firms in Lagos State, Nigeria that responded to questions like the personal entrepreneurial characteristics predominant in owners of small firms; and the sustainability practices of small firms. Data were summarised using descriptive statistics and regression analysis to test the dependability of sustainability practices of small firms on the personal entrepreneurial characteristics of their owners. The results of this survey showed that majority of the owners of small firms possess entrepreneurial characteristics like opportunity seeking and initiative, risk taking propensity, demand for efficiency and product quality, innovation, creativity and persistence, commitment to the work contract, information seeking, proactiveness and goal setting, systematic planning and monitoring, networking and persuasion, independence, and self-confidence. It was also deduced from the survey that small firms do not fully implement sustainability practices in Nigeria (especially in the dimension of environmental conservation). The overall result shows that there is no significant relationship between entrepreneurial characteristics of owners of small firms and sustainability of small firms. In conclusion, entrepreneurial characteristics has no significant relationship with sustainability practices of firms.},
     year = {2023}
    }
    

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    T1  - Entrepreneurial Characteristics and Sustainability of Small Firms in a Developing Economy
    AU  - Victor Oghenenyerovwome Iki
    AU  - Esther Ejobosele Otoghile
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    PB  - Science Publishing Group
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    UR  - https://doi.org/10.11648/j.sjbm.20231104.11
    AB  - Small firms in a developing economy like Nigeria have been supported with funds, training, and enabling environment for success due to their role in economic growth. Despite these efforts to improve entrepreneurial characteristics and performance of firms, most small firms operate in the informal sector of the economy and do not have policies on sustainability practices. This study ascertains the personal entrepreneurial characteristics predominant in owners of small firms; and identifies the sustainability practices of small firms. All these were with the view to investigate the relationship between entrepreneurial characteristics of owners of small firms and sustainability practices of firms. A purposive sampling technique was used to select 94 respondents who are owners of small firms in Lagos State, Nigeria that responded to questions like the personal entrepreneurial characteristics predominant in owners of small firms; and the sustainability practices of small firms. Data were summarised using descriptive statistics and regression analysis to test the dependability of sustainability practices of small firms on the personal entrepreneurial characteristics of their owners. The results of this survey showed that majority of the owners of small firms possess entrepreneurial characteristics like opportunity seeking and initiative, risk taking propensity, demand for efficiency and product quality, innovation, creativity and persistence, commitment to the work contract, information seeking, proactiveness and goal setting, systematic planning and monitoring, networking and persuasion, independence, and self-confidence. It was also deduced from the survey that small firms do not fully implement sustainability practices in Nigeria (especially in the dimension of environmental conservation). The overall result shows that there is no significant relationship between entrepreneurial characteristics of owners of small firms and sustainability of small firms. In conclusion, entrepreneurial characteristics has no significant relationship with sustainability practices of firms.
    VL  - 11
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Author Information
  • Therapies Department, University Hospital Southampton NHS Foundation Trust, Southampton, United Kingdom

  • Department of Management and Accounting, Obafemi Awolowo University, Ile-Ife, Nigeria

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